Frustrated holder, page-44

Azure is probably reluctant to spend much of its cash hoarde until it knows what Teck is planning

If Azure spends millions now on a new flagship project, and Teck were to suddenly walk (which is becoming more likely as each day passes without a definitive work program announced), Azure would need to find $20-30m for a mine. The equity dilution of a capital raise at that point would be enormous, whereas the $11m would give us options (debt finance, JV)